libertarianism

• emphasizes individual liberty and minimal state intervention, defining the state's role primarily as protecting individual rights.
• rooted in ideas from thinkers like Adam Smith and Edmund Burke, libertarian conservatism values economic freedom, free trade, and a self-regulating market as "natural" laws essential to human nature and prosperity.
• In the 20th century, this philosophy evolved into neoliberalism, which advocates for minimal government involvement in economic affairs, favoring the free-market economy.
• Leaders like Margaret Thatcher and Ronald Reagan embodied these views, opposing Keynesian demand management, welfare programs, and the mixed economy.
• Neoliberal policies prioritize supply-side economics, advocating for low taxation, reduced regulation, and limited trade union power to foster maximum production.
• Neoliberalism views inflation as the primary threat to economic stability, calling for reduced government spending to curb it.
• libertarian conservatives diverge from pure liberalism by supporting a strong state in social matters. They value the market as a mechanism for social order, as market discipline and competition can promote stability.